ECOFIN

George Osborne Excerpts

Friday 20th November 2015 Written Statements

[The First Secretary of State and Chancellor of the Exchequer (Mr George Osborne)]

A meeting of the Economic and Financial Affairs Council was held in Brussels on 10 November 2015. Ministers discussed the following items:

Ministerial Dialogue with the European Free Trade Association (EFTA) Countries

ECOFIN Ministers met their EFTA counterparts before the formal Council meeting to exchange views on economic growth and structural reforms.

Current Legislative Proposals

The presidency updated the Council on the state of play of financial services dossiers.

Capital Markets Union

The Council adopted conclusions on the Commission’s Capital Markets Union action plan.

Implementation of the Banking Union

The Commission gave an update on transposition of several dossiers linked to the banking union including the bank recovery and resolution directive and the deposit guarantee scheme directive.

Single Resolution Mechanism—Rules for Bridge Financing

Ministers provided guidance on the proposal for providing bridge financing for the single resolution mechanism.

Economic Governance and Follow-up to the Five Presidents’ Report

The Council held an initial discussion on the Commission’s recent package of proposals following the five presidents’ report.

Climate Finance

The Council agreed conclusions on climate finance which constitute the second part of the COP21 negotiating mandate.

Follow-up to the G20 and IMF meetings in Lima of 8-11 October 2015

The presidency and the Commission reported on the G20 and IMF meetings in Lima in October.

[HCWS321]